The Global Market for Advanced Energy Storage Technologies is Projected to Reach 21.3 Gigawatts by 2020

Rising Investments in Renewable Energy Technologies Drives the Global Advanced Energy Storage Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Advanced Energy Storage. The global market for Advanced Energy Storage Technologies is projected to reach 21.3 Gigawatts by 2020, driven by the rising focus on alternative energy and technology developments in renewable energy storage.

The world is moving beyond fossil fuels towards clean energy technologies. With fossil fuels causing irreparable damage to the fragile ecosystem, the transition towards renewable energy sources and their efficient storage is gaining momentum. As energy efficiency tops the priority list, energy storage technologies are poised to gain. Developments in renewable energy storage flaunt the potential to tilt the energy balance in favor of alternate energy resources, which to date has been hampered by reliability issues triggered by their intermittent and variable output characteristics. Future growth in the market will be driven by advancements in storage technologies, particularly battery technologies, which have improved significantly in terms of design and efficiency over the past few years. Manufacturers’ focus on offering complete integrated storage solutions with hardware & software management platforms and turnkey installation and maintenance support will spur large scale adoption.

Growth will also be driven by the increasing deployment of smart grids and government funding support for energy storage research. The bi-directional movement of the energy value chain as a result of decentralized energy generation is leading to the development of smart grids. Specifically, the need for utmost efficiency in effective distribution of electricity is encouraging widespread adoption of smart grids. Increasing penetration of renewable sources of energy and the ensuing necessity to control power loads is also driving smart grid installations. As a critical part of smart grids, energy storage technologies help the grid to rapidly respond to variations in load/supply thus reducing the risk of outages.

As stated by the new market research report on Advanced Energy Storage, Asia-Pacific represents the largest market worldwide. Driven by the numerous energy storage projects announced over the last couple of years and improved access to advanced technologies, the United States ranks as the fastest growing market with a projected CAGR of 63.7% over the analysis period.

Key players in the advanced energy storage ecosystem include Active Power, Inc., Air Liquide, Alstom, Altair Nanotechnologies, Inc., Areva, Ballard Power Systems, Inc., BYD Co. Ltd., DMG MORI SEIKI Aktiengesellschaft, Duke Energy Corporation, ECOULT, Electrochaea GmbH, E.ON SE, Exide Technologies, ITM Power Plc, Kokam co., Ltd., LG Chem, Maxwell Technologies, Inc., NEC Energy Solutions, Samsung SDI Co., Ltd., Tianjin Lishen Battery Co., Ltd., Toshiba International Corporation, and ZBB Energy Corporation, among others.

The research report titled “Advanced Energy Storage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in Megawatts for major geographic markets including the US, Western Europe, Asia-Pacific and Rest of World. 

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